Empiric Student Property has acquired the freehold of a 79 bed student accommodation property in Canterbury for £9.2 million, excluding costs.
Pavilion Court was developed by the vendor, Pavilion Property Group, for the 2013/14 academic year. The property comprises 79 beds in a mix of studios and one, two, three and four-bed apartments.
The property also includes a ground floor commercial unit currently let to Sainsbury's on a lease extending to 2027, with the next rent review due in February 2017.
The property is located on St Dunstan's Street in central Canterbury. The University of Kent is a 20 minute walk away and there is a regular university bus which stops outside the property. Canterbury Christ Church University is a 15 minute walk away, through the city centre.
The property has let well historically, being 100% let for both the 2014/15 and 2015/16 academic years, and is letting in line with Empiric's expectations for 2016/17. Hello Student will be responsible for lettings and management of the property, which, to date, has been marketed by a local estate agent on behalf of the vendor.